Weathering The Storm

3 Sep 2021: On August 29, 2021, Hurricane Ida made landfall in Louisiana – the same date as Hurricane Katrina did 16 years earlier. After Katrina, which claimed some 1,800 lives, the U.S. Army Corps of Engineers built the Hurricane and Storm Damage Risk Reduction System. This infrastructure project saved many lives and reduced the water damage. However, Ida, which was of similar strength as Katrina, did create massive wind damage and power outages. The implications for shipping (both international and U.S. flag), could be significant albeit temporary. Some of the main factors that will have an impact on the tanker markets include oil production in the U.S. Gulf, refining outages, (temporary) pipeline closures and damage to port infrastructure in the region. Please fill out the form to read the article.